The Real Brokerage Inc.
The best brokerage economics in the category, attached to a residual that vanishes completely the day you leave.
Join for the $12,000 cap. Do not plan a retirement on the revenue share.
Can you actually make money with Real Brokerage?
Yes, if you are joining for the split, and the split is the best headline package this site has scored in the category. 85/15 capping at $12,000 a year, then you keep everything. $249 to join, $750 a year rising to $900 on 1 September 2026, and no monthly fee at all. A ten-side agent is roughly $22,000 a year better off than at a 70/30 franchise, without sponsoring a single person.
The revenue share is the part that does the recruiting and the part the contract undercuts. Five tiers paying 5, 4, 3, 2 and 1% sum to exactly 15%, which is exactly the cap, and that is where the $12,000-per-capped-agent figure comes from. The same documents disclose that distribution is capped at 60% of the company's commission portion in any month, which puts the real pool nearer $7,200. The actual FY2025 payout was 36.5% of gross profit.
Then the term that decides whether this is a career or a job. From the company's own documents: leave, or be terminated, at any time and for any reason, and you are no longer eligible for revenue share. Nothing vests. There is no partial retention and no portability of any kind. The separate retirement program requires five consecutive producing years, raised from the three announced when it launched.
There is also no income disclosure - a confirmed absence rather than a failed search. A computed mean revenue share works out around $1,906 an agent, with no median, no participation count and no capping rate published anywhere. The company does disclose 8.0% quarterly agent churn, which most of its competitors do not, and that deserves saying.
rising to $900/yr on 1 September 2026
- You are a producing licensed agent. One modest transaction covers the $249 and the annual fee, and from roughly three or four sides a year the split is ahead of a 70/30 franchise without a word of recruiting.
- You are not counting on the revenue share still being there later. It is forfeited entirely on departure for any reason, and it has fallen from 5.0% to 3.4% of company revenue since early 2023.
- You have budgeted the increases. The annual fee goes to $900 and the Elite Agent stock award drops from $16,000 to $12,000, both on 1 September 2026.
- You can attract agents without paid advertising. The Agent Attraction Code of Conduct bans paid recruiting ads, cold calling, mass texting, automated voicemails and paying for sponsorship, enforceable by termination.
That call is computed, not chosen - the rule reads three of the nine published dimension scores and is printed on the methodology page. It describes this company's plan and the figures it publishes about the people already in it. It is not a prediction about you, and nothing on this site is advice.
Legal status
LEGAL - a licensed brokerage with a contractual code of conduct that bans paid recruiting advertising outright.
Confidence: High
Primary sources fetched directly where possible. Everything we could not verify is listed at the bottom of this page by name.
Follow the money
A Nasdaq-listed cloud brokerage with 33,510 agents and $1.97 billion of revenue, paying an 85/15 commission split capping at $12,000 a year, with a five-tier revenue-share program layered on top.
Take the brokerage economics first, because they are the reason to consider this at all and they are excellent. There is no monthly fee. Joining costs $249. The annual brokerage fee is $750, rising to $900 on 1 September 2026. You keep 85% until you have paid $12,000 in company dollar for the year - which is $80,000 of gross commission income - and then you keep everything. Post-cap you pay $285 a side, itself capped at $6,000 a year. For a productive licensed agent that is the strongest headline package we have scored, and it requires recruiting nobody.
The revenue share is where the assessment gets harder, and the company's own contractual documents are what make it harder. Five tiers pay 5%, 4%, 3%, 2% and 1% of a downline agent's gross commission income - which sums to exactly 15%, exactly the company dollar, exactly the cap. That is where the $12,000-per-capped-agent figure in recruiting material comes from. But the same documents disclose that if revenue share exceeds 60% of the company's commission portion in a month, payments are capped at 60%. The realistic pool is therefore closer to $7,200, and the actual payout in FY2025 was 36.5% of gross profit.
Then there is what happens when you leave, and it is unambiguous. The company's documents state that if you leave, or are terminated, at any time and for any reason, you are no longer eligible. There is no vesting schedule. There is no partial retention. The separate retirement program requires five consecutive producing years - raised from the three announced when it launched - and you must keep your license at the brokerage to draw it. Whatever revenue share is, it is not an asset you own.
The quoted revenue-share pool against the contractual one
Per capped downline agent, from the company's own fee documents
| Product | Price | Pays |
|---|---|---|
| Joining fee What it costs to start. No desk fee, no franchise fee, no office. |
$249 one-time |
— |
| Annual brokerage fee Rising to $900 on 1 September 2026 - verified. Budget the increase. |
$750 /yr |
— |
| Commission split The actual product. $80,000 of gross commission income reaches the cap. |
85/15 to a $12,000 cap |
100% after cap |
| Post-cap transaction fee Itself capped at $6,000/yr. Broker review fee rising from $40 to $50. |
$285 per side |
— |
| Revenue share Plus a $175/yr participation fee and a 1.2% administrative skim. Nothing vests. |
5 tiers monthly |
~$7,200 real pool per capped agent |
| Elite Agent award Dropping to $12,000 on 1 September 2026 - the same date as both fee increases. |
$16,000 in stock |
— |
Who runs it, and what they ran before
Has led the company since founding in 2014. No securities action, no regulatory finding against him in a professional capacity. He is a defendant in an unrelated personal civil suit in Utah, which has no bearing on the business and is recorded here only because a background check that omits it is incomplete.
Section 16 exemption means insider transactions are not filed on Forms 4. Reported chief-executive sales of roughly $3.3 million since March 2025 are therefore only partially observable, and reportedly fell outside a 10b5-1 plan. [UNVERIFIED - no filing exists to check.]
Registered address
Miami, Florida - British Columbia incorporation
Incorporated in British Columbia and listed on Nasdaq as a foreign private issuer. That status matters: insiders are exempt from Section 16, so no Forms 4 appear on EDGAR and insider selling is only partially observable.
The veteran's checklist
Eight questions that decide whether this is a business or a transfer mechanism. Same eight, every review.
| Question | Answer |
|---|---|
| Who legally owns it? |
OK
The Real Brokerage Inc., Nasdaq-listed, British Columbia incorporated. Public and diffuse ownership.
|
| Where is it incorporated? |
WATCH
British Columbia, headquartered in Miami. Foreign private issuer - insiders exempt from Section 16.
|
| Regulatory action, ever? |
OK
None. No SEC action, no securities class action, no state real estate commission action. A $9.25M industry antitrust settlement in 2024.
|
| Published income disclosure? |
RED
None at all. Confirmed absence. Mean revenue share of ~$1,906/agent is our arithmetic, not a company figure.
|
| What does it take to break even? |
OK
One transaction covers the annual fees. Three or four sides beats a franchise split.
|
| Do I own the list? |
WATCH
Your clients are yours and they transfer with your license. Your downline is not yours at all.
|
| Can they fire me and keep my residuals? |
RED
Yes - and so can your own resignation. Leaving for any reason forfeits 100% of revenue share.
|
| Merchant play or miner play? |
OK
Merchant if you join for the cap and sell houses. The code of conduct actively discourages the miner version.
|
What has to be true for you to get paid
| To cover | You need |
|---|---|
| Cover $249 + $750/yr | 1 modest transaction trivial for any working agent |
| Reach the $12,000 cap | $80,000 in gross commission income then you keep 100% |
| Beat a 70/30 franchise | ~3–4 sides per year the advantage compounds from there |
| Keep revenue share after leaving | Not possible forfeited entirely, for any reason |
Read this twice
The first three lines are easy and they are about the brokerage. The fourth is the one that decides whether this is a career or a job. There is no vesting, no partial retention and no portability - and the retirement program that might have provided one now requires five consecutive producing years, raised from the three originally announced.
Run your own numbers
Drag the sliders. Nothing here is stored or sent.
Tier 1 revenue share on a productive downline agent, using the ~$7,200 real pool after the disclosed 60% ceiling rather than the $12,000 recruiters quote. Cost shown is the annual fee spread monthly. Remember: all of it is forfeited if you leave. Your own subscription cost of $85/mo is included.
What it costs to replace this yourself
The right comparison is not a DIY stack - it is the other places a licensed agent could hang a license. On that comparison this wins clearly, and the review should lead with that.
| What they sell you | What you'd use instead | Your cost |
|---|---|---|
| 85/15 to a $12,000 cap, then 100% | Traditional franchise at 70/30, uncapped | ~$22,000/yr worse at 10 sides |
| $0 monthly fee | Desk-fee brokerage at $300–800/mo | $3,600–9,600/yr worse |
| $750/yr brokerage fee (→$900) | Franchise royalty of 6% off the top | materially worse at volume |
| Registered stock awards | No equity at a private franchise | real advantage; shares down 67.6% from the 52-week high |
| Revenue share, forfeited on exit | Nothing comparable elsewhere | no median published; $0 if you leave |
| Total as sold ~$1,000–1,150/yr in fixed fees |
Total, built yourself $3,600–9,600/yr at a desk-fee brokerage |
Price-to-value
On the split alone this is the strongest offer in the category, and a ten-side agent is roughly $22,000 a year better off than at a 70/30 franchise. The revenue share is the part that is oversold, and it is also the part doing the recruiting.
Three operators, five horizons
Probability of cumulative net profit
Hover any point for median, top decile and bottom quartile.
Producing agent, no recruiting
10 transaction sides/yr, joins for the split
| Horizon | P(profit) | Median |
|---|---|---|
| 3 mo | 74% | +$2,800 |
| 6 mo | 82% | +$7,600 |
| 1 yr | 86% | +$19,000 |
| 3 yr | 88% | +$60,000 |
| 5 yr | 88% | +$104,000 |
New agent, no book
Licensed but starting from zero
| Horizon | P(profit) | Median |
|---|---|---|
| 3 mo | 16% | −$1,400 |
| 6 mo | 28% | −$1,900 |
| 1 yr | 40% | +$1,200 |
| 3 yr | 54% | +$31,000 |
| 5 yr | 58% | +$58,000 |
Revenue-share builder
Attracts agents within the code of conduct
| Horizon | P(profit) | Median |
|---|---|---|
| 3 mo | 28% | −$700 |
| 6 mo | 40% | +$900 |
| 1 yr | 48% | +$6,000 |
| 3 yr | 50% | +$28,000 |
| 5 yr | 44% | +$40,000 |
Methodology note. MODELED from the published fee schedule and the disclosed revenue-share mechanics. The producing-agent row is the most reliable because it depends only on the split, which is contractual. The builder row carries an unusual risk that the numbers cannot show: everything in it is forfeited the day you leave, so the terminal value of that column is zero rather than whatever the last cell says. The one hard anchor available is the computed mean of roughly $1,906 of revenue share per agent, and a disclosed quarterly churn rate of 8.0%.
Where you are actually allowed to promote this
Platform policy reads, not verifications. Check every one before you spend a dollar - enforcement changes faster than the written policy does.
Red flags and green flags
Red flags
131Revenue share is forfeited entirely if you leave
2The retirement program requirement was raised from three years to five
3The real revenue-share pool is about $7,200, not $12,000
4No income disclosure of any kind exists
5Revenue share is being quietly compressed
6Three cost changes land on the same date
7A $175 annual participation fee plus a 1.2% skim
8A net loss of $8.1 million
9The share price is down 67.6% from its 52-week high
10Foreign private issuer status removes Forms 4
11SEC filings contain no network-marketing risk factor at all
12A pending corporate transaction includes a 10-for-1 share consolidation
138.0% quarterly agent churn
Green flags
101A contractual code of conduct that bans paid recruiting advertising
2The best brokerage economics in the category
3It discloses quarterly agent churn
4A genuine production requirement
5The customer is a homebuyer, not a recruit
6A materially clean legal file
7Fast, real growth
8A former executive's discrimination claim settled with the company paying nothing
9Registered public equity, transparently awarded
10You can take the good part and skip the rest
We would like to be wrong about this
Upward
- Publication of a revenue-share earnings distribution - participation count, median and capping rate - rather than nothing at all.
- Any vesting of revenue share, or partial retention on departure, replacing the current total forfeiture.
- Restoration of the three-year Real Retirement qualification, or grandfathering for agents who joined under it.
Downward
- A further reduction in the split, the cap or the revenue-share percentages.
- Any regulator characterising the revenue-share plan as an unlawful pyramid, or the appearance of a related risk factor in a filing.
- A material deterioration in agent churn beyond the disclosed 8.0% quarterly rate.
Grade is C+. The brokerage earns a B; the residual story pulls it down. Take the split and treat the revenue share as a bonus you may never keep.
For a licensed, producing agent the argument is simple and strong. An $80,000 gross-commission cap, no monthly fee, $249 to join, and 100% after that. Ten sides a year puts you roughly $22,000 ahead of a 70/30 franchise. You do not have to attract anybody, you do not have to believe anything, and the code of conduct means you will not be cold-called by the field either. On the numbers this is the best place in this category to hang a license, and the review should say so without hedging.
What you should not do is treat the revenue share as a retirement plan, because the company's own documents say it is not one. Leave for any reason and it is gone entirely. There is no vesting. The retirement program that might have provided some permanence now requires five consecutive producing years instead of the three originally announced. Meanwhile the pool is capped at 60% of company dollar, revenue share has shrunk from 5.0% to 3.4% of revenue since 2023, and three separate cost changes land on 1 September 2026.
So build the thing that is actually yours. Your clients, your sphere, your marketing, your database - all of it transfers to any brokerage in your state, and none of it can be amended on the first of the month. The residual cannot. That is not an argument against joining; it is an argument about which part of the offer you should organise your career around.
Join for the cap, ignore the tiers
Three or four sides a year beats a franchise split. Ten sides is roughly $22,000 better. None of that requires attracting a single agent.
Never quote the $12,000 figure
The company's own documents cap distribution at 60% of company dollar, making the real pool about $7,200. No income disclosure exists to substantiate anything, and 16 CFR 255 liability lands on whoever posts it.
Read the exit terms before the entry terms
Total forfeiture on departure, for any reason, with no vesting. That single clause should determine how much of your effort goes into attraction versus production.
Sell to agents rather than through them
Tens of thousands of agents here and hundreds of thousands industry-wide need listings, leads and advertising that complies with state license law. That is a business you own outright, and it does not evaporate when you change brokerages.
Nine dimensions, weighted
Dimension profile
Further from center is better. Hover any point.
Hard caps that bind here
The lowest binding cap wins, regardless of the weighted arithmetic.
What we read
Every source below links to the document itself. Tier 1 is a primary record - the company’s own plan, policy or disclosure, a court filing, a regulator’s decision or an SEC filing. Tier 2 is a self-regulatory or secondary regulator record, tier 3 reporting or academic work, tier 4 an open-market price comparison. Where a document can be moved or withdrawn, an archived copy is linked beside it. If a link is dead when you try it, that is a correction we want.
- The Real Brokerage Inc. Annual Report on Form 40-F for the fiscal year ended 31 December 2025 (filed 4 March 2026)
SEC EDGAR - The Real Brokerage Inc. annual and quarterly filings, FY2025 and Q1 2026
- Annual Information Form for the fiscal year ended 31 December 2025 - Exhibit 99.1 to Form 40-F
- Management's Discussion and Analysis for the year ended 31 December 2025 - Exhibit 99.3 to Form 40-F (agent count, agent churn rate, revenue churn rate tables)
- SEC EDGAR - The Real Brokerage Inc. (CIK 0001862461) annual report filing index
- The Real Brokerage Inc. Announces Fourth Quarter and Full Year 2025 Financial Results, 4 March 2026 - Exhibit 99.1 to Form 6-K (31,739 agents; agent churn 5.2%; revenue churn 1.6%)
investors.onereal.com - FY2025 and Q1 2026 results releases, agent counts, disclosed quarterly churn
- The Real Brokerage Inc. Announces First Quarter 2026 Financial Results, 7 May 2026 - Exhibit 99.1 to Form 6-K (33,510 agents; agent churn 8.0%; revenue churn 2.4%)
- investors.onereal.com - The Real Brokerage Inc. Announces First Quarter 2026 Financial Results
- The Real Brokerage Inc. 2025 Annual Report, "Full Speed Ahead" (PDF) - audited consolidated financial statements and MD&A
- "How much does it cost to hang my license with Real (US)?" - Real agent fee schedule ($249 sign-up, $12,000 cap, $750 annual brokerage fee rising to $900 on 1 Sept 2026, $40/$50 CBR fee, $285 post-cap transaction fee)
Real Brokerage Fee Schedule Addendum - $12,000 cap, $249 join, $750→$900 annual fee, $285 post-cap per side capped at $6,000, $175/yr revenue-share participation fee and 1.2% administrative skim
- "What is the Post-Cap Transaction Fee?" - $285 USD per sale transaction (or 15%, whichever is less), $125 per lease, $129 Elite
- "8 Ways to Earn Income at Real (US Agents)" - $175 annual revenue-share program participation fee and 1.2% processing fee on each revenue-share payment
- Real Brokerage Q4/FY2022 results release announcing the 2023 fee changes - $175 annual revenue-share fee, 1.2% fee on all revenue-share payments, $249 joining fee, $750 annual brokerage fee, $285 post-cap fee (Exhibit 99.1 to Form 6-K)
- "What is a Tier?" - Real's five revenue-share tiers at 5%, 4%, 3%, 2% and 1%, and the three tier-unlock paths
Revenue-share plan documents - five tiers at 5/4/3/2/1% of GCI, and the 60% ceiling on total monthly distribution
- "How Does Revenue Share Work? (United States)" - revenue-share mechanics, producing-agent requirement, participation and processing fees
- "Why does Real cap Revenue Share at 60%?" - company statement of the 60% ceiling on the Split to Real returned to agents
- "How much Revenue Share can I earn?" - per-agent annual maxima of $4,000 / $3,200 / $2,400 / $1,600 / $800 by tier
- "What is our Producing Agent Policy?" - $450 in splits to Real over a rolling six months to be producing and revenue-share eligible
- Real Brokerage Agent Attraction Code of Conduct (Article 25 of the Independent Contractor Agreement) - prohibits sponsored social ads, email campaigns, automated texting and voicemail drops, print/postcard attraction campaigns and cold calling
Agent Attraction Code of Conduct - prohibitions on paid recruiting ads, cold calling, mass texting, automated voicemails and paid sponsorship
- "What is Real Retirement?" - current program terms, including the requirement to have been producing for at least five full consecutive years
Real Retirement program terms - five consecutive producing years, raised from three at launch in October 2023
- Real Brokerage announcement launching Real Retirement effective 1 January 2024 at a three-year producing-agent minimum - Exhibit 99.1 to Form 6-K (October 2023)
- The Real Brokerage Inc. Announces Final Approval of Settlement Agreement in Class Action Litigation, 31 October 2024 - Umpa v. NAR, No. 4:23-cv-00945 (W.D. Mo.), $9.25 million (Exhibit 99.1 to Form 6-K)
Umpa settlement, $9.25 million, final approval 31 October 2024; dismissal from a further action 24 June 2026
- Gibson/Umpa v. National Association of Realtors - official settlement website listing The Real Brokerage Inc. and Real Broker, LLC at $9.25 million and the Eighth Circuit appeals
- Docket, Taylor v. Zillow, Inc. et al., No. 2:25-cv-01818-JLR (W.D. Wash.) - Dkt. 99, Notice of Voluntary Dismissal as to Real Broker, LLC and Frano Team, filed 24 June 2026
- Order granting motions to dismiss, Taylor v. Zillow, Inc., No. C25-1818JLR (W.D. Wash., 27 July 2026) - recites the June 2026 arbitration order and the dismissal of the Real defendants (PDF)
- Form 6-K, 9 July 2026 - distribution of the Management Information Circular and meeting materials for the Real special meeting of securityholders on 14 August 2026
Shareholder meeting materials for the vote scheduled 14 August 2026, including a proposed 10-for-1 share consolidation
- Joint proxy statement/prospectus and management information circular dated 6 July 2026 (Form 424(b)(3), Rome Wildlife, Inc.) - Arrangement Resolution, 10-for-1 Real share consolidation, RE/MAX merger consideration
- The Real Brokerage Inc. Announces Filing and Mailing of Meeting Materials for the Special Meeting of Securityholders to be held on August 14, 2026
- Form 6-K, 27 April 2026 - Arrangement Agreement and Plan of Merger dated 26 April 2026 among Real, RE/MAX Holdings, Rome Wildlife, Inc. and the merger subsidiaries (10-for-1 Share Consolidation described)
What we could not get
- Q2 2026 results - scheduled 6 August 2026, not reported at the time of review
- Revenue-share participation count, median and distribution - none published
- Insider transaction detail - foreign private issuer status exempts insiders from Section 16, so no Forms 4 exist
- Whether reported chief-executive share sales fell outside a 10b5-1 plan
- The outcome of the shareholder vote scheduled 14 August 2026 and the terms of the proposed share consolidation
- Agent capping rate - what proportion of agents actually reach the $12,000 cap
- The amount of the Cwynar settlement, resolved January 2026 with terms undisclosed
Not advice
This is independent analysis for decision-making, not legal, financial or investment advice. Allegations reported by third parties should be verified against primary court and regulatory records before any decision.
Researched by Claude. Reviewed by an editor.
Every report is researched and written by Claude, Anthropic’s AI assistant, from the company’s own plan documents, policies, terms and regulatory file - then reviewed before publication by Rob Fore, who checks the sources and the stage-label on every allegation.
- Nine weighted dimensions, published with their weights
- The editor checks the evidence and cannot change the number - the build rejects any page whose grade does not reconcile to its own arithmetic
- Every affiliate position we hold is disclosed on the report it touches
- No company has paid for a grade, and no report carries an affiliate link
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Real Brokerage - frequently asked
QWhat is the Real Brokerage commission split and cap?
QHow much is Real Brokerage revenue share actually worth?
QDo you keep Real Brokerage revenue share if you leave?
QIs Real Brokerage an MLM?
QIs Real Brokerage worth joining?
Author, editor and publisher
This report was researched and written by Claude, Anthropic’s AI assistant, working from primary documents - Real Brokerage’s own compensation plan, its policies and procedures, its terms of service, its income disclosure statement where one exists, and its regulatory and self-regulatory file. It was scored against nine weighted dimensions that are published in full, with their weights, on the methodology page.
Before publication it was reviewed by Rob Fore, who checks every source link, every figure against the document it came from, and every allegation against its stage-label - an investigation is not a finding, a warning letter is not an enforcement action, and a filed claim is not a verdict.
The editor does not set the grade. The published score is the weighted composite of the nine dimension scores, and the build refuses to emit a page where the two disagree by more than 0.06. A grade moves when the evidence moves it and not otherwise.
Rob Fore has marketed online since 1996, wrote Online MLM Marketing (2014), and is CEO of Listech Inc, the Nevada corporation that publishes this site. He holds affiliate positions in companies graded here - including LiveGood, which this site grades D, SendOutCards, which it grades C−, and the Home Business Academy, which it grades B−. Those positions are disclosed on the reports they touch, and changed nothing on this page.
About the author and our conflicts · Contact the editor · Corrections: corrections@opportunitygrade.com
Tell me if this grade changes
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Corrections
Every factual claim on this page is sourced, and the ones we could not stand up are named in the unable to verify list above. If something here is wrong, we want to know, and we would rather hear it from Real Brokerage than from a reader.
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